The Housing and Community Development Department (HCDD) recommends approval of a Resolution of No Objection for two applicants seeking 4% Housing Tax Credits (HTCs) for the multifamily developments listed below.
· The Kissito Center for Healthy Living received a similar resolution in June 2014, however the developer subsequently cancelled the project on the original site due to neighborhood resistance. A new site is under contract, and the developer is meeting with neighborhood groups to obtain their support; early indications are positive. HCDD is currently underwriting the Kissito project. Upon successful completion of the underwriting process, HCDD intends to provide gap financing in support of this development.
· The developer of the Garden City Apartments has not requested funding from HCDD; however due to the afore-mentioned statute, the developer is required to obtain a Resolution from the City in order to qualify for tax credits. This is a $29 million project, including $9 million of pure hard costs, to provide extensive exterior and interior renovations including upgraded kitchens and bathrooms, plus a complete remodel of the existing community building.
Following is information on the two applications:
|
Property Name
|
Tax Credit Applicant
|
Project
|
No. of Units
|
Location
|
Council District
|
|
|
Garden City Apartments
|
Steele Texas LIHTC LLC
|
Sec. 8 rehab
|
253
|
9601 W. Montgomery Road
|
B
|
|
|
Kissito Center for Healthy Living
|
Riverside Houston VOA Kissito LLC
|
Seniors
|
112
|
6901 Bellfort Ave.
|
I
|
|
This Resolution of No Objection to 4% tax credits was reviewed by the Housing and Community Affairs Committee on November 17, 2015 and a public hearing was held on December 9, 2015.